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Wednesday, 28 October 2015

France to use 50% of FTT revenue on overseas aid

The French parliament has adopted a proposal to allocate 50% of the Financial Transaction Tax (FTT) to the country's development budget. This reverses the trend whereby the French aid budget has been continually reduced, by more than 20% since 2012, as part of a policy of budgetary consolidation. . In its original draft budget for 2016, the French government had earmarked €260 million of FTT revenue for official development assistance (ODA). MPs voted to greatly increase the formerly proposed share of FTT revenue. Friederike Röder, the director of ONE France, welcomed the increase. "We now have 50% of the FTT dedicated to development. The MPs' vote will increase the development assistance budget by around €200 million, or 6% (…) one thing to come out of the debates was that they don't believe loans will be enough, and that any extra money should be sent to the poorest countries.”

Source: euractiv.com